In the world of finance, discounts are a common occurrence. But have you ever wondered what “discounts allowed” mean and how they’re handled in bookkeeping? This article will explain everything you need to know, including why they’re issued and how to record them in the 3 column Cash Book. What …
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Posting to Journals is step 2 of the Accounting Cycle. After sorting out your Source Documents into cash and credit transactions, it is time to record the amounts in the 7 Journals, also called Day Books and Books of Original Entry. Students of accounting and business owners who record daily …
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“Cash is King” is a common saying in business. While satisfying your passion and filling the needs of consumers are also rewarding, the handling of cash and cash equivalents is the main concern of any business owner. This is why the Cash Book is dedicated to recording all transactions that …
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